Hapvida considers R$ 1.5 billion hospital sale-leaseback

Hapvida hired BTG Pactual and XP to evaluate a sale-leaseback operation involving some of its hospitals, according to people familiar with the matter. The potential transaction could raise up to R$ 1.5 billion for the healthcare operator.

Under the proposed structure, Hapvida would sell hospital properties to investors and lease them back through long-term contracts. The company would continue to operate the facilities. Discussions remain in early stages, and there is no guarantee that a transaction will take place.

The plan expands efforts to generate cash after Hapvida put its operations in southern Brazil up for sale earlier this year, a process also advised by BTG Pactual and XP. The company faces pressure to improve liquidity and strengthen its balance sheet following years of expansion, including its combination with NotreDame Intermédica.

Hapvida's net debt to Ebitda ratio rose to 2.49 times in the second quarter of 2026, up from 1.26 times a year earlier. The company has no outstanding bonds in the international market, and its debt is concentrated in securities traded locally, according to data compiled by Bloomberg. Hapvida stated that it does not comment on market speculation, while BTG and XP did not immediately respond to requests for comment.